>> well, thank you >> take the rest of the year off. we'll see you in 2020. >> how generous. the management >> there you go. >> oh, from the management >> the management has given you a hall pass for the rest of the year proud papa, eric chemi, as well. best wishes to both of you >> this is the last time all six of uswill be on set together >> something to think about, people good luck, kelly >> thank you very much >> thanks for watching take the next of the year off. >> "closing bell," right now >> hey, congratulations, kelly, we'll see you soon thanks very much hey, everybody, i'm brian sullivan, in for wilfred frost today. and we are on the floor at the nyc. this is a bellwether, economically sensitive, china sensitive, and oh, by the way, it is up nearly 4%, rallying like the rest of the market. hey, we could be on pace to new records. we're going to find out, courtney reagan, in about 59 minutes. >> thank you, brian. i am courtney reagan in today

for sirera iara eisen. what recession a better than expected jobs report started the morning with an optimistic tone china says it has reached a consensus with the u.s. in this week's trade talks and exxon ticking higher along with industrials and financials. and in just a few minutes, the actor who plays logan roy on hbo's "secession" will join us on the cutthroat world of media competition. he's going to be right here at post 9 joining us for the hour is kara fineman. here we are sitting basically at the highs of the session i found it really interesting that yesterday the markets got pretty derailed by worries that the trade talks weren't going so well today we have an agreement of principle and we really didn't move so much >> we have that other data out today, so it's hard to really parse what -- to me, this kind of day seemed pretty goldilocks. you had a really good jobs number in the morning, right you had progress on china. although i've got to say, i'm

skeptical on every update that we get and then details are very thin and -- or sometimes nonexiste nonexistent, but it was a headline, anyway and then we got some other economic data, pmi was a little -- but not terrible, at all! so there's a lot of good things happening. we did get the fed cut yesterday, and to me, the most important things, earnings have been pretty good and outlooks have been pretty good and i was afraid of that, very afraid of that when we had such volatility from the tariffs being raised and the uncertainty about, would they be raised further. now that there's a little bit of a detente for the moment, people feel better. i've been surprised how good earnings are so there's a lot to like >> all right we're going to dig more into all of that. a lot to like a little later on in the show. >> a lot to like and a lot to focus on in fact, it could take all show. if we focused on everything. let's not. let's dig in and dig out the really important stuff you've got bob pisani who's watching the overall rally here at the exchange. steve liesman honing in on some surprises in today's economic

data and mr. josh lipton is covering google's latest acquisition. it's a big one bob, first to you, though, on the overall market, and what was a pretty doggone solid week for stocks >> that's right. and it's getting even more solid. what's been happening, brian, better economic data in the united states and even in europe and even in china is putting the emphasis again back on cyclical names that ebb and flow with trade talks, but also with economic news. and today it's on economic news. so look at these global cyclicals. caterpillar, dow, united technology, new high for utx there. 3m, jpmorgan, a little bit higher as yields have been a little bit better recently and your more defensive names that were market leaders, in the middle of the year, all down here, these are mostly consumer staples names that you see we have new highs at the s&p 500, but we also, interestingly, have a new high in europe. the efa index there, that's europe is at a 52-week high. japan is surprisingly at a

52-week high what we need now is broader market participation than a few of the biggest market cap stocks if you look here, we have value at new highs the triple q, nasdaq at new high materials right near a new hig if not there, as well. what we need is some individual stocks breaking out and that will happen if we get up another 10, 15 points or so in the s&p guys, back to you. >> thank you very much, bob. we do have a tale of two data points today karen finerman was talking about that as jobs' top estimate of manufacturing. this is the mark steve liesman joins with us more of those details >> a potential game changer of jobs report that forces economists to rethink how much the recent slowdown activity is hurting the jobs market. the government reported that payrolls grew just 120,000 in october. that's the lowest in five months, but job growth was a lot better than the meager 75,000 wall street had forecast and lackluster job growth from the prior two months were revised upwards by a massive 95,000 jobs. finally, the number was depressed by striking gm workers, who have mow gone back

to work. you can see that in this next chart we have up here. leisure hospitality, very strong educational services, always strong wholesale trade, up 11,000 government down 3,000. a lot of that was census workers coming off the payrolls. that won't happen again. and that big decline in manufacturing you see there, that was the gm strike, at least in part. and that's not going to happen again. the ism manufacturing index coming in below consensus shows the sector still contracting but it was shrugged off by the market, perhaps in part because it was higher than last month, and the weakness isn't accelerating and if karen finerman is chill with the ism report, then, of course, i am too >> i was just thinking, steve, is it possible, like you said, it's not getting worse we know that manufacturing is weak and so perhaps there's some relief in some of those results. it's sort of what we knew. >> i think that's the way to think about it, courtney it was also mixed inside you have some very key components of it, were negative. including the employment part of it, but other parts were positive it's a lot more mixed. it was a big surprise a couple

of months ago when that thing turned negative and now it looks to be stabilizing. maybe the outlook for the manufacturing sector won't be quite as bad >> steve, we'll see you tonight, buddy. thank you very much. >> yeah. >> all right it's going to be good. also today, some relief for beaten up fitbit investors, google coming in, playing the hero and buying the company for a little over $2 billion josh lipton has much more in san francisco, i guess koe cold comfort, josh the stock is soaring right now fitbit was a $50 stock a couple of years ago >> yeah, so you're about -- beaten up is one away to put it. fitbit stock is down about 90% from its all-time high but here's the news, google, this is a way to keep expanding its hardware business which includes everything from smartphones to smart speakers and a way to push harder into wearables. google offers this wearable operating system for other companies to use, but it doesn't have a smart watch of its own. still, there's plenty of competition in wearables, too. loop ventures estimates that oop

apple has now sold $76 million of its watches to date analysts also think this deal will likely attract scrutiny in washington, too, given that google like so many other big tech companies clearly now on the radar of regulators. guys, back to you. >> thank you very much, josh what do you think of this, karen? representative car katie porter tweeting out that google is an antitrust violation. is that a concern? >> it isn't. josh has talked about apple's position in wearables, right so actually, fit bit would do better under the google umbrella, with all of those resources to be a better competitor than on a stand-alone basis. so that actually doesn't hold water for me now, where it's a political, you know, sort of football, so maybe, you know, it's a $2 billion deal if google does it, that's great. if they don't, it's not really changing i think it makes the better competitor i think they should want it. >> well, they got it >> no, i think the regulators

should want. >> well, katie porter doesn't want it, because she says the regulators need to do their jobs and go after monopolies. she literally called google a monopoly in her tweet. a powerful california democrat, by the way i mean, southern california, it's different than silicon valley all right. we've got 52 minutes left, whatever, in the trading day here the s&p and the nasdaq are on pace for record closes let's talk more about the markets today, this week, and going forward. and bring in neela richardson from edward jones. you know i love charts everyone is talking about manufacturing and how it's been slowing and how we must be doomed in 2015, we had five months of weak reading >> and what happened >> and we were just fine >> that's right. that's right we avoided a recession right now, we're looking at three straight months of weak manufacturing data that does not mean that this economy is going into a downturn and i think this week's data

really validated that assessment markets and investors have been kind of a drag and pretty bearish about the outlook. >> can you blame people? after ten years of a bull market run, second-longest bull market of all time, it's natural, i think, and maybe healthy for people to be a little bit skeptical. every time we see a weak data point, see, there it is! >> you know as well as i do that age is just a number, and we have to look -- >> every year, i feel that more way, by the way. >> we have to look at the fundamentals to see what's driving that bull market forward. and we have a rahal strong labor market, a steadfast resilient consumer we don't think that's changing >> what are you seeing in services >> we're seeing services again insulated a bit from these trade tensions and that's the key point, i think, that you're raising right now. if you're seeing on the trade front in terms of uncertainty spills in through manufacturing into services, that's when we're

getting concern, because services are really the lion's share of the economy manufacturing is relatively smaller. >> karen, what do you make of the fact that energy is the leader today we know we had the exxon results, but how long has it been since we've seen this would you buy anything like this beyond today or is this a one-day scenario >> aging ain't nothing but a number, courtney and energy looks like it's 162 years old. >> you can make a very bearish long-term case for oil, right? but -- i don't own any yes, it is going up, i guess, would be the short answer. i don't own a lot of nrenergy a all. >> i would take that a lot of these names are heavily shorted and we see oil move up a little bit so people have got to come in and cover the shorts you remember day after the saudi attacks when oil spiked. you literally had heavily shorted permian and bakken basin companies jumping 75% in a day that didn't last for the really levered ones. >> the oasises, the

continentals, not the exxons and chevrons, whose numbers we'll get to in a bit, courtney. they weren't terrible, but no way they were good >> isn't it interesting how short-lived that rally was on what years ago would have been a monumental event >> well, we are awash in oil and i think it goes to part of the economy, which is that we always talking about gas prices spiking. assist drain on the consumer we don't have that is this a bit -- and i don't want to say goldilocks, because not everything is perfect. overall, when we look at the macro economy from 30,000 feet, does it look pretty good to you? >> it does it does. but that's not to say that there are not risks. and it's not to say that the pace of growth is going to be above trend. we're not thinking that way. we actually think that growth slows in the second half of the year, slows into 2020. but i think it's safe, in our view to assume that a recession is avoided and part of the reason is because you're seeing very low inflation, including in energy prices, but in other consumer

goods, and that's what matters wage growth that is still growing and inflation that's still contained. >> got it. neela richardson, thanks for joining us >> thanks for having me. still ahead, citi picking winners in the airline space today and one name they say to buy is down more than 30% this year we'll dive into that note, next. >> and there's a lot more to do still ahead on a busy friday, including -- >> announcer: coming up, a new entrant joins the streaming wars but will appletv plus be a netflix and hbo killer >> you're not a killer you have to be a killer. >> we'll talk all things streaming with the man who plays logan roy on hbo's "secession. arwiinacawd-nng tor brian cox stops by post 9 ahead on "closing bell. of a different kind. adp helps canyon ranch place the right people in the right jobs,

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welcome back to "closing bell." it's now time to get the word on the street citigroup initiating on airline stocks with a buy rating for delta, united, and spirit airlines and a sell on american airlines spirit is the biggest laggard so far this year of that group. it's down more than 30%.

the farm naming delta as its top pick, saying the company screens attractively on revenue diversity. delta shares are higher by 1.4% >> bank of america downgrading booking holdings this is the former priceline.com. the firm citing negative signals into the fourth quarter, headwinds in asia and competition among other reasons. and jpmorgan chase doubling down on its call on ge. they maintain an underweight rating, basically a sell, and get this, a $5 price target on ge now, jpmorgan saying that while there is no single smoking gun issue with the company, it still shows a situation that is, quote, far from low-risk and stability is more than discounted now, ge, karen, $10.35 stock so jpmorgan chase is saying, it will fall by more than half. what do you think? >> right well, you have to remember the debt

so it's not actually more than half when you talk about the whole enterprise value so i actually way back, when larry culp first got in thought, maybe there's a chance he could turn it around so i have a leap position. i figured, i would rather own it higher in the future and have -- you know, so i have a 13--strike leap, figuring, if they start to make headway, there'll be this virtuous cycle they'll be able to pay down debt and get a better multiple. and i would actually own it higher >> and for our viewers who maybe -- leap is a long-term options bet. that's what you're -- you're making a long -- maybe multi-year not the najarians like, tomorrow the stock's going to whatever -- this is a multi-year thing >> yes, but now it's aging, like we all are, but it's just a number and it will expire in january, and my chances of it actually being in the money are, i think, quite low. it's a bold call and they've got

a lot of wood to chop to get through that debt. and maybe it will happen but, i know what my risk is. my leabs are going to zero come january. >> and you're not wildly bullish. >> my risk was all the premium we have about 42 minutes now until the final closing bell of the week and guess what, we are on pace for record closes for both the s&p 500 and the nasdaq and on deck, you may think that chevron and exxon are basically the same company, but there are some key differences, particularly in the earnings today and we shall hit them. >> plus, media moe gull logan roy, well, brian cox, the actor who plays him on "secession" coming up next beumr you've got to remember to nbeone, you have to kill. >> thanks, dad it's them, calling us. it's going to be a week before they can get through on these roads

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favorite hbo show right now? >> no question, it's got to be "secession." >> that was warner media ceo john stanke at the unveiling of the new streaming service, hbo max. and that feeling is echoed by many on wall street. joining us now to discuss the media landscape for beyond fwunthe bundle series is brian cox, media mogul who plays logan roy on hbo's "secession" and also

stars as lyndon b. johnson on broadway thank you so much for being here i watch the show very closely. to me, it feels like it's a bit of the news corp. murdoch family maybe sprinkled in with some disney did you talk to any of these executives for this role >> i had one strange incident when i was in london and i was in a cafe and this gentlemen tapped me on the shoulder and said, we're enjoying the show, it's really great, we really love it, but my wife has a little difficulty with it at times. and i says, why is that? and he says, well, her name is elizabeth murdoch. >> there you go. >> that was that it's a kind of amalgam jesse wrote this -- well, he wrote a play and frank rich steered him towards the roys >> it feels more in a way that the family is, from what i see, the dow jones family before murdoch bought it, because they were kind of -- you have the brother who kind of

doesn't do anything -- no offense to that brother, if he's watching when they came to you and they read the script -- >> i didn't -- >> or when you looked at the pictures i had a treatment. because they didn't have a script >> did you or your agent have any idea that it was going to become, arguably, the hottest show in the united states. >> no. we had no idea i mean, you know, we did -- even in the first series, you know, it took a while to get going but i think that's because i was ill in character for a lot of the first series so i wasn't quite present. so by the second series, low kblowgan as well. in fact, i was only supposed to do one series. i had a conversation with both adam mckay who directed the first episode and jesse and adam mckay was in l.a., jesse was in italy. and i said, so it's a one-series part and there was this silence you could cut -- oh, no, no, no, no,. it will be on more than one series >> this is interesting, because you obviously -- you're doing broadway right now >> i am. >> television. >> i am.

>> movies. >> i am. >> all of these different formats of acting and all of these different distribution platforms now. >> yeah. >> what has changed for you having content distributed in different ways with streaming now. does that change the way you look at accepting parts? >> i think streaming -- it could get excessive. so, you know, i think the book is not closed on streaming we need to see where it's going, but it's very good people really -- excuse me, people really do binge watch you know, and they love binge watching it steeeems to have become part the culture now. >> but hbo is not going to allow people to do that. they have said, they're going to roll it out weekly -- >> yeah, but you can still binge watch, because you can get it on demand you miss a show and a few episodes, then you can actually watch it on demand >> do you like that as an actor? >> it doesn't bother me p i worry more about cinema than television i think the cinema is more unhealthy. i'm kind of with scorsese that's

what happened in the cinema, that's the dominated by certain kind of movies >> how so? >> because certain kind of movies don't get their -- don't really get their shot. i mean, you've got multiplexes, you've got four of them showing "the avengers" or what have you and that one cinema that everybody else is fighting for i think cinema is in a more -- more problematic than television i think television actually is very healthy i need to talk about my show, which i'm going to be doing any minute now >> i was just going to say, the great society is obviously based on lyndon b. johnson and history and it seems like there's been so much interest in stories about real people and real characters, even if you look at the movies that have been the most nominated in recent years for academy awards >> i think this is why this bob shank and robert shank's play is so good. because it really addresses -- excuse me, i'm british actually, i'm scottish but you guys don't address your history very much, you're not very good at your history, your immediate history, particularly. and what's important about this play is to see what an extraordinary man lyndon johnson

was and how he was destroyed by vietnam. which was part of his own fault. but also, that he managed to get through civil rights, voting rights, education, poverty programs in the first day, he passed 10 # days >> we're talking today about medicare for all because of elizabeth warren rolling out her plan lyndon johnson signed it in. but he was an incredibly complex individual stubborn, bullheaded >> he had to be. >> you think so? >> of course he had to be, to deal with -- do presidents have to be? >> no, but if you're dealing with a kennedy legacy, and let's face it, he inherited everything from kennedy and he kept him going, he was very loyal to him. mcnamara was around a long time and pushing and they were pushing the vietnam thing quite strongly so he was ---io ioyou know, he u there a lot. >> you're up every night with "the great society." t the reviews have been spectacular, by the way.

it's the in-person experience, getting to see brian cox up close. do you think there's some world in the future where broadway is streamed live. would that be good to expose more people -- >> well, i think we have it in the uk i don't know if you have it here so we do have certain productions -- actually, you do have it here where i live -- >> you're building it out slowly >> you can stream shows to, like massachusetts or what have you, from broadway, or i live up in hillsdale, new york. it does work it can work. and i can see it as long as one thing feeds the other. it's the growth factor keep it growing and keep it growing by keep feeding it >> and content is king, no matter what the platform or the distribution >> well, lyndon johnson, great to have you on the show. >> i think you're quite busy today, so we'll have to let you go and get to work brian cox, thank you so much for being here with us today >> thank you so much bye-bye. just over 30 minutes before the closing bell and we are on pace for record closes you could say the markets are making records, courtney, in

secession. >> oh, look at that. tying it all together. that's why brian's here with us. coming up, we've got your last chance trade karen is picking a retail name i don't know if she did that just for me or not we'll see. it's up more than 60% this yr.ea we'll reveal her call and talk about it straight ahead. ut hope, struggles in the spider's web. with every attempt to free itself, it only becomes more entangled. unaware that an exhilarating escape is just within reach. defy the laws of human nature. at the season of audi sales event.

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welcome back 30 minutes left in today's trade, in the week's trade there are three things driving the action today what recession a better than expected jobs report started the morning with an optimistic tone china says it has reached a consensus in principle with the u.s. during this week's trade talks. number three, earnings they continue to drive stocks. exxon ticking higher along with the industrials and many of the financials, courtney >> it's now time for a cnbc news update with sue herrera. good afternoon, sue. >> good afternoon, courtney. good afternoon, everyone here's what's happening at this hour authorities have determined that saoirse kennedy hill, the granddaughter of john f. kennedy, died of an accidental drug overdose. toxicology found several different types of drugs in her system when she died she was found unresponsive at home at the kennedy compound on cape cod on august 1st the air in the capital of india is so bad that the

government declared a state health emergency and began distributing masks to schoolchildren schools will be closed until next tuesday new delhi ranks as one of the most polluted cities in the entire world lebanon's private banks reopened their doors today after a two-week closure following anti-government protests the move comes three days after the prime minister resigned. lebanon is one of the most heavily indebted countries in the world. and on a happier note, the biltmore christmas tree arriving at the estate in asheville, north carolina the 35-foot fraser fir will tower over guests in the grand hall the tree will be decorated with 500 ornaments and 500 lights and that is just the way george vanderbilt himself did it decades ago. you're up to date, guys. that's the news update this hour brian, back to you >> are you already in the christmas spirit, sue? what did you get us? >> i am. i am >> don't let her ruin it >> you got that applebee's gift card for me, i hope. >> yes, i do, brian. >> sue, thanks very much

let's take a look at this morning or today's moves in energy as well let's try to prove the old adage that all big energy stocks are not the same they may look like it, but they are not. today, exxon and chevron going in different directions. both out with earnings, but not the same story first, exxon's net income fell by 3 billion it was nearly cut in half from a year ago sounds terrible within but eps came in a little better than hoped for. the upstream business, pulling oil out of the ground, starting to show more traction in the permian basin in south america downstream, putting gas in your car, a little better than expected chevron, shares lower. 36% drop in third quarter earnings, as well. eps missing the consensus by 9 cents. chevron's oil production did rise about 3% to 3 million barrels a day. but that eps miss spooking investors somewhat both exxon and chevron do have two big things in economy. number one, both of them hurt by

lower oil prices they're down year over year. and two, the expectation for all oil and gas companies are so low, it's fairly easy to look good a c-minus is the new "a. and that's what exxon found out today. >> so low. how alolong can they old on to e of the gains we're seeing today. >> you look at it, exon's net income fell from $3 billion. fell from 6.5 to 3 point something. it was nearly cut in half the number -- drops are really incredible >> if we ever see a saudi aramco offeri offering, is that money coming out of the chevrons and the exxons or -- >> it depends on how much that might ramp up oil production i mean, the reality is simply this the u.s. is now the price maker, not price taker. 12.5 million barrels a day is what we're producing if you want to blame opec or the saudis or blame russia, you also have to look at the united states everybody is producing more. that's why to your earlier

point, karen, when we had the attacks in saudi arabia, on the oil field, we did not see a long-term spike in oil because there is so much oil out there, and it's hurting exxon, chevron, and everybody else. they've held up, by the way, a lot better than those heavily indebted small and mid majors we were talking about >> oil prices were up today because of the positive notes out of the trade war discussion. that's the demand side how much more do you think there could be a run there if we actually get a real deal >> i don't nope it depends if we get a deal and if the world economy stays okay >> because it's a growth indicator, is what she's trying to say what's that word it's friday, right >> even energy rallying today and stocks overall doing pretty well on the back of the stronger than expected jobs data, the federal reserve, you name it joining us now is vice chairman at evercorps isi former new york fed guy, worked with bill dudley krishna, it's great to have you back on cnbc everybody thinks the fed is

going to save us let me ask it a different way. does the fed need to save the u.s. economy >> look, today's data confirms that the baseline case is stabilization, not recession and we've seen a huge sentiment swing in that direction. as you know, over the last few weeks. now, we had the fed this week saying we're not planning on going any lower. for me, it was unnecessary to be quite as firm as powell was. you're giving up optionality there, before it's really certain which way things are going. but there was an important second message there which is, we might not be planning to go lower, but we're expecting to stay low for longer and i think that could potentially be very exciting for equity investors >> what about inflation. obviously, chair powell is watching that pretty closely and he wants to see that accelerate. how are you marking inflation and what are you expecting there, how it informs fed

policy >> so i think that's exactly the crux of the issue right now. what i think was important from what powell said this week was that rates are likely to stay low at these current low levels, potentially beyond the moment at which the growth scare passes, because the fed needs to lift inflation, needs to lift inflation expectations now, my own view, i think probably the view of most people in the market and most people at the fed is that that's going to be a slow grind at best, and this is what's exciting for equity investors if we carry on down the stabilization path, equity investors may be able to have their cake and eat it. you get the green light that in fact everything is going to be okay on growth, but you get to keep the low rates for an extended period because the fed needs to push inflation and inflation expectations up.

that's a great combination >> it's karen. let me ask you something let's say we start to see some strength in europe do you think that the fed is still so far above where the ecb is that they don't need to react to that at all >> so i think the fed is taking into account obviously what's going on in the global economy, global markets, also these risks, the trade war risks, the brexit risks which seem to have come down, but not gone away that's one additional input into the fed's calculus but my interpretation of what they said this week is they think they probably have done enough to deal with the growth risks, but they won't move rates back up again until not only has that growth risk passed, but also inflation has made a significant and persistent move up, that's confirmed in these indicators of inflation

expectations so better growth, you might keep the low rates. at least keep them for quite a while. >> we saw a number of manufacturing data points this week and they were weak. some levels of contraction, as well but we kind of knew that was the case so the markets at least really didn't worry about that too much do you think that's appropriate or are we being too complacent about what's going on in manufacturing at this point? >> well, i think, certainly, you're right to say that weakness in manufacturing is not new news, which is partly why the market was able to take it in its stride. the key thing everyone has been focused on is the spillover question, right? is that weakness in manufacturing and investment is it spilling over into hiring? is it spilling over into consumer spending? is it spilling over to the parts of the economy, services that have been relatively resilient to date? so far, the data flow this week has gone in the direction of saying, you know, it's not spilling over too much those other parts of the economy, remember, the

consumers, most of the economy, continuing to look quite solid but if your point is, is it too soon to declare victory, i absolutely agree with that and that's the part that makes me a little uncomfortable about pall being so clear this week that, you know, we're done unless things get significantly worse. for my money, it would have been smarter to say, look, things are looking atit better. we've got this easing in the pipeline it's lifting housing, lifting all. it might well be enough, but we'll keep an open mind and keep a very close eye on this going forward. their statement was a little bit hostage to fortune the game isn't quite over yet. >> right krishna guha, thank you so much for joining us on the gloeclosi bell we are about 20 minutes before the bell and we are on record close watch. culp next, we've got your last chance trade and as we head to break, let us hit bonds benchmark ten-year note actually lower for the week, as stocks

have gone up, people have been buying bonds the yield at 1.7%. that is good news for all you potential home buyers out there. mortgages unlikely to move much longel ibaat all "csi bl"s ck after the break. markets. the business of trading goods and services. nasdaq operates among the largest markets in the world. and our technology powers markets from indonesia to chile. great markets are built on a foundation of trust and integrity, forged through leading edge technology and a smart regulatory framework. as technology advances, regulation must keep pace to allow the markets to evolve. today we see an opportunity to modernize regulation, to make markets more accessible to investors and entrepreneurs of all sizes. from the graduate buying her first stock, to an institution investing in thousands.

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all right. about 17 minutes left. we do a lot of math in this show >> it's 16 years >> i didn't know there was a giant sign with a number on it until just now this is why i'm happy to be courtney reagan's copilot. thank you for being gentle karen finerman, what is your last chance trade. >> we've seen some good earnings, but we haven't seen the consumer yet my last chance trade in your space, retail target, right? november 20th, we're going to hear from target and while the stock has had a really nice run, they've also really performed, right? they really got great momentum their revenue expectation growth and conversion to eps growth, both of those are looking really good they've done a tremendous job here the stock has moved up a lot the multiple is higher, but they deserve this higher multiple plus, it has a nice yield, but i

never like to count that i like the consumer for so many reasons. they're employed, gas is low >> courtney, you're the guest. because you cover target better than anybody out there what are they doing right? >> i mean, i think -- i know we've talked about this a lot. and we talk about the integration of the stores and online coming together but target really, really does it well. they've got all sorts of great stats about how they're lowering the cost of delivery and how you can buy online and pick up in store. and they've got incredible growth, they've got all of these same-day options and customers are really using it. and we had a media briefing ahead of holiday with brian cornell and he effectively reiterated everything for the guidance going into the holiday quarter. he said, he's never felt better about the holidays so i think you're on to something wihere here we go we've got about 15 minutes left before that closing bell sounds for the weekend. we're on pace for record closes for both the s&p and the nasdaq. and the dow is sitting just about at session highs, as well. up next, uninterrupted

coverage of the final minutes of trade. we're going to break down the biggest stock stories of the day for you when we take you inside the market zone. u' gngo want to make sure to stick with the "closing bell." ♪ ♪

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and they took my toothpaste away. and you should be mad at people who take unnecessary risks. how dare you, he's my emotional support snake. but you're not mad, because you have e*trade, whose tech helps you understand the risk and reward potential on an options trade it's a paste. it's not liquid or a gel. and even explore what-if scenarios. where's gate 87? don't get mad. get e*trade and start trading today. all right. as the flashy animation says, you are now officially in the "closing bell" market zone this is commercial-free coverage of everything that's happening with the money and the markets to wrap up the day and really wrap up the week >> today, we've got karen finerman from metropolitan capital and josh brown here to break down the day's top stories. so we are on record close watch

for the s&p 500 and the nasdaq after stocks surged on stronger than expected october jobs report that was out this morning. and the dow is just about 45 points away from a record close, as well. news this morning that the u.s. added 128,000 jobs in the month of october, beating the street's expectation of 75,000. the rally has really been undeterred by the weak ism numbers, the gauge of u.s. manufacturing showed the sector contracted in october. that was the third straight month of the slowdown, but who cares. right, josh? >> well, i don't want to be that bl blase. >> the market doesn't care >> but let me tell you the word of the weak. this is the word i've had in almost every conversation i've had on-air, off-ha air, you name it troughing. you're hearing it about manufacturing data here. about sentiment, to some extent. remember, last week, barron's big money poll, that's money managers like karen and i. the lowest reading in 20 years

does that make sense that all-time highs for the market in terms of bullishness so if troughing is this week's word, i think that augers well for not only better data, but a better interpretation of the data we do have. i think we've all given up on economic acceleration, but an easy fed, so-so data, oscillating back and forth, very strong consumer. we could continue to muddle through and plow higher on that alone. we don't need the trade deal to happen in fact, it might even be better if it's still hanging out there on the horizon, as a potential catalyst it's like scloedinger's cat. >> so sit tight, josh. get back to you in just a second here's another potential interesting angle to the jobs number, which has nothing to do with the jobs number it could actually have an impact on mortgage rates. diana olick, tell us how and why. >> well, it's because positive news on the jobs report and the

china trade talk caused bond yields to rise early in the day and the 30-year fix follows the yield on the ten-year treasury mortgage rates jumped to a three-month high last week and took a step back last week over concerns on a china deal they will likely end up flat today with yields back down after gdp was revised lower by new york and atlanta feds. but builders have been way up year-to-date as rates drop now, they're in the red on the five-day why? because the rates turned higher again. brian >> diana olick, great stuff. thank you very much. so karen, we just talked about, sort of, and josh just talked about how things are kind of working out pretty well. housing. we ever home sold, something like 60 grand goes back into the economy. you buy furniture, paint, you move realtor commissions. everything else. another fairly positive data point. >> but there are so many good data points. i'm surprised that housing isn't higher -- that some of these housing starts aren't higher because so far the low where we -- forget the peak in '07,

but even the low in average, so people employed pb wages going higher, rates still really local. sometimes they tick up and that spurs -- >> better buy now. >> right, exactly. so i think everything looks good in housing and for the home depots, the retailers, the trade on that z >> karen's right i want to build on that. the segment of housing that's the real standout this year is starter homes. homes below $150,000 the high, high end has not been great. but that's encouraging to see. you've got this combination of a peak in people 30 years of age in the labor force that's new household formation >> you're looking like a d.r. horton, a k.b. holmes, type. >> these stocks are on fire all year so i think karen's exactly right and when you think about who's really benefiting from the stage of the economy we're at. what did we learn in the labor

report today, 325,000 new entrants, either returning workers or new workers came into the labor force. that's why headline unemployment ticked up slightly, a tenth of a percent. that's 325,000 new people earnings a new paycheck. and i think you have to be happy about that whether it's good for the market or not, maybe is a little bit secondary. >> all right we've got about six minutes left to go. shares of pinterest are plummeting in today's trade. josh lipton has more on how other recent ipos are performing hi, josh >> so, courtney, let's start with pinterest cratering today on a revenue miss and disappointing forecast. now, just above its ipo price there of $19 then, let's hit on lyft. reported this week, raised full-year revenue guidance that stock, though, still down about 40% from its ipo at 72 bucks. watch for peloton, too on tuesday, it's up about 10% this week. that's the good news bad news since the ipo, down more than 10%. and uber, which reports on

monday, on pace for its worst week since september, down some 30% since its ipo. guys, back to you. >> thank you very much, josh karen, what do you make of these recent ipos? does any of them look interesting, or is it still too volatile to shake out a real trend? >> well, it is volatile,that scarce me, but it's still that model that was so in vogue, growth at any price at all, and now, they're like, well, wait a minute, you actually need earnings and clash flow. that's the kind of stuff that i like to buy on valuations are there because the cash flow is there and the growth story like this, it's not going to be for me. i don't even know how to price it, is the thing as well >> you want a real company with real earnings? imagine that >> i'm old school. what can i say >> 325,000 people urging a paycheck you know what they do? they feel good about themselves. go out and have dinner and buy things >> you feel good it sort of aggregates into the overall economy. if there wasn't enough to chew on already, we've also got, speaking of spending money, new

data out on car sales. let's get to phil lebeau with that phil >> brian, these are numbers comparing last month's sales with a year ago. and a year ago was a really strong month so even though when you look at these numbers, and we're only getting the monthly data from the foreign automakers, these are negative numbers but again, it's october of this year compared with october of last year, which again was one of the strongest months of the year so the overall sales pace, we're finally -- we're going to get that final calculation here within the next half hour, 45 minutes. the estimate is for 16.9 million vehicles, as the pace of sales and that's the case, the year-to-date sales pace is likely not to change, meaning, 17 million vehicles is the pace of sales for this year as you take a look at the auto dealer stocks, the reason whoe'e showing you this, i know we focused on gm, fiat, ford, chrysler the auto dealers are all seeing their stocks near one-year highs. the used car market, guys, we're on pace for record sales when it

comes to used cars this year and that's where those dealers are really making their money. >> phil, you're missing the headline ooich g i've got this one question i've got to ask you this fiat chrysler deal, are the lebeau family, are we going to be driving aren't on peugots in a couple of year, >> i think they would like to, but this is the most competitive market in the world. it's a really tough to bring a new brand in here. you need an example? look at fiat remember when they got the deal and they said, we're going to sell a lot of fiats in the u.s look around. how many do you see right now? they're slowly just kind of fading away. it's really tough to sbroointro new brand. >> it's a shame. the 206 was a pretty hot sports car back in the day. phil lebeau, thanks very much. appreciate that. speaking of hot, starbucks ceo kevin johnson appearing on "squawk on the street" earlier today. he hit on a lot of things with jim and carl and growth in

china. one of the big topics. he also talked about the u.s. food delivery business following grubhub's disappointing earnings earlier this week. listen to this >> i think delivery will evolve in the u.s., but right now, unless you have a very high ticket, the delivery costs are prohibitive to the consumer. so people have to invest delivery companies will have to figure out a different model that enables thatprice to be a lower price to the consumer. >> delivery continues to be a battleground let's send it over to rick santelli with a check on the bond market in chicago hi, rick >> hi. what a wild day. if you look at intradays of two, we are up on the day if you look at a chart starting in august for 10s, the midpoint of the extremes is 167,

basically where we held intraday today and a julys 1st high >> it's really been about earnings and china this week hope on china. apple really solidifying that as it, too, is at an all-time high. but the sectors, we saw both the hardware sector and the chip sector follow suit, hitting new highs this week, bob a lot of optimism there. >> yeah, that's right, bertha. a 5-2 advancing to declining stocks today and we had some better volume, that we've seen on an up day 200 new highs down here at the new york stock exchange. emphasis on better economic data china, u.s., and europe. that is really the thing that moved markets forward today. big global cyclical names. united technology, new highs we had great moves incart pillar, dow, 3m. all of those big global cyclicals. defensive names were weaker today. procter & gamble has had a good run, recently.

but typical of a lot of these names. down fractionally. what we need is a little more volume and next week, maybe we'll get some breakouts in some of the big individual names on the s&p 500. there's the closing bell we are going out at the highs of the day. dow jones industrial average, just shy of 300 points s&p, another record high, up 28 point points >> indeed it was another record close. it just went up, 300 do we hear 301 i'm brian sullivan in for wilfred frost. >> i'm courtney reagan in for sara eisen >> did you see that pooch? >> that is the dog of the dow. >> that is bullish >> oh, nice. nice >> get him a bull costume on >> if i made josh brown smile, that's a win on a friday all right. everything's winning

here's how we finished the day on wall street the dough -- not a dog today i mean, wow. the dow finishing up 300 points. s&p 500, a new record high there, up just under 1%. the nasdaq, the star, up 1.13% the small caps, doing pretty well, as well. the russell 2000, up 1.5%. small, acting big today, courtney >> that's right. look at that russell go up almost 2%. joining us to talk about the market day is karen finerman she's president at metropolitan capital. and josh brown, and joseph quinlan, he's joining us the head of market strategy for merrill and bank of america private bank thanks so much for y'all to be here with us today joseph, i'll start with you. what do you make of this market here we had a little punch into the close. did that give you some confidence that we've sort of settled down our worries about trade negotiations, earnings are good, feeling a little positive going into a new week? >> courtney, everything's falling into place good employment numbers, china

growth is coming through i think the big surprise bob pisani just talked about, europe is growing as well all the pieces are falling in place for a year-end rally good earnings, better than expected so we're going to grind higher we've got some headwinds for 2020, but right now in the fourth quarter, this looks pretty solid >> josh, what do you think about the small caps there we saw the russell 2000 up 1.75% today. >> i think small caps have been one of the sore spots for this market you can throw in the transports and the financials but a lot of these things are starting to resolve to the upside they were the things that the bears had been pointing to they would say, okay, new high, but breadth is bad okay, new high, but transports aren't confirming the industrials. you would hear this litany of reasons why you should be out because of things like internals and breadth. and those things are starting to resolve themselves to the upside to me, though, more important whether or not transports look good or the russell on any given day is what's happening

internationally. you want to see new highs coincide with and confirmed by the msci indices ex-u.s. that is the story of togethoctoo me you're seeing big, big moves in the japanese stock market. you have the u.s. working on its own, that's one thing. but when you get that synchronization, historically, that's been good for forward-looking. >> the nikkei has been hot >> even great-not data in europe, yet, big rallies in german stocks. >> this question falls into that if you're counting at home, we're lucky 13 points away from a an all-time high in the dow. just 13 points and i know professionals do not look at the dow. >> i do. >> you do, good. if and when we make that new high, it will be on the cover of the "usa today" on the "nightly news." does that help >> i can tell you one thing that

maybe you should know? >> yes >> number one, the dow and s&p end up at the same time. a lot of people quote s&p, because it makes them sound more sophisticated. it's the same thing. but within any given year, it's not. the s&p is outperforming the dow for only one reason. and it rhymes with schmoing. if boeing is not going through what it's going through, we're -- >> it's the biggest price. >> but my point, when we start to see general news outlets, not cnbc, the "nightly news with lester holt" talk about record dow, does that bring new people back into the market >> i hope not. >> i mean, is there an -- for good or bad, maybe it is bad >> i feel like that always signals. it used to be the "time" magazine cover was always the speak -- >> don't be the cover of "sports illustrated," you're going to blow your knee out

>> to me, this is fun, there's a big rally, everything's working. and when you're forced to be long, that's good. but the volatility is so low and it gets lower every day, it's cheap. a good time to buy protection. >> far enough. brian, let's talk some f.a.a.n.g. >> let's talk about the f.a.a.n.g. stocks, or maybe forget sort of the f.a.a.n.g. stocks bear with us here. so says wells fargo. wells fargo has a new note out that says that money managers, and we've got a few right here, money managers might be missing out on making some big money opportunities by focusing too much on the hot, buzzy technology names the note suggests that many of the older and bigger tech stocks, apple, microsoft, intel, they won't like being labeled old, but they've been around a while, have outperformed lately, generating an average year-to-date return of 42% f.a.a.n.g. is returning an average of 23% these numbers are still good 23%, you get that in a year, you

better be happy with that when you put it in your bag and walk away but point, i think of the note is, we in the media talk about certain names more than others they get a lot of buzz are we missing out on some of those more quiet opportunities >> the big-cap technology companies are very-well leveraged overseas globally. think about it we've got 3 billion citizens yet in the world yet to log on there's a lot of upside for these big names to run at. that's where i see it. the only downside is the regulatory risk coming out of europe and here in the united states but we like technology for the long term. it's hard not to >> do you think that some of those f.a.a.n.g. names or some of the older tech names that we were talking about could potentially be the market leaders again, as we've seen sort of this nice run that they had? or is it time for new leadership to take over >> i think these companies have great core competencies, they've got great leadership they've got the wind at their back with global demand, so you'll want to stick with them >> karen, what do you think of the f.a.a.n.g. stocks or new versus old tech? >> i like the older tech

i do i'm long apple i'm long facebook. i am long alphabet that group -- other than netflix, is under a cloud of uncertainty with the political environment. all of that having been said, i think google is an extraordinary business at not an extraordinary price at all i think it's much closer to a value stock. it's my biggest position, actually i think it's an extraordinary business that doesn't have anywhere near -- >> what is your biggest position >> google. >> is it google? >> yeah, that's old tech, i guess, relative to -- >> do you like the fitbit acquisition? >> i don't think it moves the needle $2 billion to google isn't really -- >> but they must have done it for a reason >> it's more than what they paid for youtube. >> that is extraordinary >> isn't that amazing? $1.6 billion for youtube >> that's an extraordinary move. people were disappointed with google's earnings because they were spending so much, not because the research's not there, not because it's not an extraordinary business i think it's okay for them to spend. i like it. i think even here. >> all right >> joe quinlan, very quickly,

how much is the move in the u.s. dollar a part of this whole market upswing story if at all >> i think, brian, it's too early to really factor that in it's going to be a tailwind for u.s. multi-nationals, but right now, these companies are beating their numbers on good core competencies that demand out there productivity the weaker dollar, that's kind of icing on the cake later on. >> everyone, stick with us we're going to get over to bob pisani he's got some of the week's biggest movers for us. wrap up the week for us. >> it was a fairly broad rally, particularly in the last day that we saw. when you get pharmaceuticals and semis to move up at the same time, that's a pretty broad rally. merck had a very good week overall. down a little bit today, because they sold off on the more defensive names. good numbers from them and you had the semiconductors semiconductors are bellwethers, not just for global tech, but global growth and sentiment in general. we have a new high on all the semiconductor indexes, including the smh. josh was mentioning, you know things will get better when you

get ex-sms this is essentially europe a new 52-week high we had better than expected eurozone gdp and then we had japan, brian was mentioning that. who would have thought the nikkei, there's the ewj. that is the japan index at a new 52-week high and guys, we had something today that we haven't seen in a long time, good volume on an up day volume has been terrible on up days in the last month or so way above normal volume. that's a good sign and a sign that people are coming in and buying enthusiastically, as the market is at a new high. that might be a slight change in acceptabilitime acceptabilitimen sentiment. >> i think it's important to point out to the viewer at home, they hear the word all-time high and it triggers. everyone has this thing called the gambler's fallacy. it's a cognitive thing that humans possess you see the roulette wheel hit black three times, you want to go red but that's not how the world

works. markets tend to trend. this is the 778th all-time record closing high since 2009 so this happens all the time it's not that rare and if you go back to 1926, on 8% of all days, the s&p makes a new record high. so you should not look at record closes as a signal to buy or sell and think that you know what the weal is going to do next new highs are welcome. this is the 15th of this year. but they cluster together. so if you actually look at fafrd performance after the s&p makes a new high, believe it or not, it's better than average i don't think this is a reason to make a radical change in your portfolio. be glad you're invested in the market, call your financial investor and say thank you >> seasonality plays some role in this, too the fourth quarter is typically a strong quarter for equities. >> it is, but i'll throw a

little caveat at you >> last december >> well -- >> well, not always! >> there's seasonality on our side and the fourth quarter was negative 14% at its lowest point, we were down 20% you also had 1987 took place in the fall also had 1929 took place in the fall >> i'm talking about since world war ii -- >> we're bringing courtney down. >> no one's going to tell you when you're in the 20%. >> far enough. >> we will we will. >> you feel me? >> i feel you. >> thank you all very much have a great weekend up next, "closing bell's" beyond the bundle series continues with the first president of nbc cable and current winview executive chairman, tom rogers always has strong takes on the streaming wars what does he think of appletv plus which launches today? tom rogers coming up stick around

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so your growing life can be more rewarding, too. ♪ what would you like the power to do? ♪ i worry more about the cinema than i worry about television i think cinema is more unhealthy. i'm kind of with scorsese about what's happening in the cinema that's dominated by certain kind of movies. >> how so? >> because certain kind of movies don't really get their shot you've got multiplexes so four of them are showing "the avengers" or what have you and that one cinema that everybody else is fighting for

so i think cinemas are more problematic than television. i think television is actually very healthy >> that was actor brian cox who plays logan roy on hbo's "secession" last hour talking about the split between tv and film and how streaming is impacting the media business apple impacting the media business in a big way, and a main driver behind the dow's rally today as it launches its new streaming services julia boorstin is in l.a. with the latest >> courtney, appletv plus is offering a free one-week trial and then it will cost $5 a month. the service is launching with just nine titles, but they all feature big-name talent including reese witherspoon, jennifer aniston and oprah winfrey. 30 million paid subscribers are expected by december of next year and 100 million by the end of 2024. now, this is not just about incremental revenue for apple, but also drawing people into its ecosystem. the economy is giving appletv

plus away for a year with the purchase of an apple device. all of this comes as nbc is leaning towards making its add-supported peacock service free for everyone, not just comcast subscribers and nbc universal is nbc's parent company. >> joining us now to talk more about the launch is part of our beyond the bundle series is our friend, tom rogers, former tivo ceo, founder of this fine network, and knower of all things streaming and media tom, it's great to see you what is your initial take on appletv plus the morning show, their $15 million per episode sort of feature right now not exactly burning up the charts with the reviews. >> i feel like i'm under a lot of pressure following logan roy. i wasn't expecting that. my view of appletv plus is i'm not sure we needed apple in order to do this any number of television companies could have introduced

these nine shows there's nothing particularly apple about it, which makes me ask the question, what is apple's real play going to be in the tv space because being another streaming service with a smattering of content does very little for the consumer, given all the other streaming services that are out there, many with much more robust content and really, it does really little for apple look, apple in the last year alone has gained more market cap than probably three times the market cap of netflix. and it did that without launching a tv service so, the question is, what's the bigger play here for them. >> i guess, too, when you're thinking about apple, right now they're just starting and they only have a handful of programs, true, to your point. what if they turn out to be really big hits? then is quality okay and does that trump quantity or is it better to be netflix and have something for everyone, even if not everything is a hit.

>> well, nothing ever works that way that everything's a hit. i think both netflix and amazon kind of beat the odds as new guys to original programming coming out of the box really fast with "house of cards" and "orange is the new black" or "transparent" on amazon. i think it's a lot to expect that somebody new to television production is going to have a lot of hits. if they have one or two, that's fantastic. but it begs the question, what is the play here that's more meaningful these are not going to just be available on apple devices, it really doesn't just do something for their ecosystem. you know, giving it away for a year, great, but it's not even a cheap service, when you think of it on a per-title basis. $5 for nine shows is probably the most extrestreaming service there. and that's uniquely apple. >> what is the right price point

then let's say the reports are correct that our network, peacock, will be free. it will probably be ad supported. warner media, hbo max, 15 bucks. what is the right price point? >> it depends what you are you've got a number of vashriabe here i think the consumer has spoken and they've said, look, this is what we want we want a lot of original programming. we want it on a non-commercial basis. we want to be able to binge and we want all of that at a fairly reasonable price a little more expensive if we get to share the subscription with a bunch of people and the only player that's so far hit that, all of those levers, i would say, is probably netflix. there's plenty of room, though, for multiple streaming services. they will each balance those variables differently, but we expect apple to be transformative it doesn't just enter a sector to be an also-ran with a handful

of programs where some might hit, many won't. it's got to have a bigger play here and they really haven't shown their hand as to what that might be my own view is, the thing here that needs to be solved is ease and simplicity for the consumer. you have netflix, you have hbo max, you have amazon you're going to have the peacock, you're going to have, obviously, hulu, disney plus, all these streaming services what is on where how do you easily find it? who is going to be able to menu and navigate all of that under one user interface and everybody wants you to go into their individual service and stay there nobody is solving holistically for the consumer that takes a lot of. it takes somebody with leverage and with a lot of bucks to throw around to the other players to get them to want to play in that sand box in that way

and i think apple is the one player who is all about experience more than it is about content. and i think if they wanted to really make a difference here for the consumer, it would pursue that angle. now, maybe having some television shows is one step in that direction, but i've got the ask the question, what is it that's their real play here? >> i think you hit the nail on the head for me. i want to be able to figure this out easily i'm not that great at technology if i cut the cord, i don't want to pay more than what i was paying for and figure out how the heck i can watch all of this stuff. homme rogers, this is not over this is day one for apple. we'll have you back. >> thanks for having me. well, coming up next, a new obstacle may be in the way of boeing's 737 max returning to the skies for american airlines. the detas,trghahd.il sait ea

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all right. welcome back american airlines flight attendants are raising their concerns about the ultimate safety of the boeing 737 max phil lebeau back again with the details on this developing story. phil >> paul ryan, this came out in a

letter that the flight attendant's union sent to dennis muilenburg after he was on capitol hill earlier this week and essentially, what they're saying is, we want to make sure that this plane is safe when it's certified before we get on these planes and, you know, wait on the customers, help the customers out. there's 28,000 flight attendants, according to the letter, working for american airlines, who refuse to walk on to a plane that may not be safe. we should point out that american, like other airlines, they haven't been flying the max since it was grounded back in march. they've got, what, a number of these that are parked around the country. 24 altogether. off the schedule until january 16th just a week ago, after they reported earnings, doug parker, the ceo of american airlines was on "mad money" and said, we fully expect when the time comes that this plane is certified, that boeing will make good and make up for the money that we have been cost by not being able to fly this plane.

certainly flight attendants and pilots are part of that equation, as well. quickly, take a look at shares of boeing. remember, they set aside in their q2 earnings report a charge of $5 billion, money that they've set aside to pay airlines, to pay their vendors, to pay everybody for the del po they've got to make sure that these crews are comfortable, not just american, but at all of the airlines when this plane is finally recertified. >> really just another angle to an incredible story. phil lebeau. thanks very much, man. >> you bet all right. up next, presidential candidate elizabeth warren planning to double her proposed billionaire wealth tax to try to help pay for her medicare for all plan. we'll give you more details, straight ahead plus, the ceo of zip recruiter tells us why artificial intelligence aob ear,ot j killer. ♪

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not even by a run-away donut. we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius. toyota let's go places. time for a cnbc news update with sue herrera hi, sue. >> hello, courtney hello, everyone. here's what's happening at this hour democratic presidential candidate elizabeth warren releasing details of her medicare for all plan. and she struck back against critics who said her plan is unrealistic. >> but if they have a different plan, then they need to explain how they're going to get the 26 million people who have no health insurance covered how they're going to deal with the 46 million people who are undercovered on their health insurance. >> the man who walked around a missouri walmart grocery store

with a loaded assault rifle was in court today dmitry andchenco pleaded guilty to a lesser charge of making a false report and was given a 180-day suspended jail sentence. he does face two years of probation. and golden state warriors star steph yocurry had surgery n his broken hand. he'll be out for at least three months he broke it earlier this week in a game against the phoenix suns when he fell awkwardly, used his hand to cushion his fall and a suns player landed on top of it. but it was his non-shooting hand, which is a little bit of good news. you're up to date. brian, back to you >> we all kind of winced that was still -- falling like that and the big guy comes down on him it's like, you feel it get well, steph curry. he makes the game better >> you got it. one president donald j. trump has been a lifelong resident of this city, new york city, until now, or at least until a couple of years from

now. robert frank looks at what is behind trump's move to declare himself a resident of florida. >> you're only giving him a couple of years. i didn't say one or five he'll say five let's not make it a judgment call >> all right well, after 73 years as a new yorker, president trump is changing his primary residence to florida the president saying on twitter, my family and i will be making palm beach florida our permanent residence. he joins a growing list of tri-state billionaires who lower their taxes from carl icahn and lee cooperman. now, combined, these seven billionaires have moved nearly $60 billion in wealth to florida. now, this matters to them not because of the income tax, so much, but more because of the estate tax that's the big one for these guys which in new york is 16% on fortunes over $10 million. >> now, of course, the twitter will be, oh, he's not going to pay taxes that he doesn't pay anyway that aside, whatever you believe

about trump's's official tax situation, how long does this go on, robert, until some of these northeastern states wake up? >> well -- went tepper left, they had to have an emergency session of the new jersey congress, to re-do their budget, because he was the single highest taxpayer in the state. >> right now, the strong economy is masking the effects of wealth flight from all of these states. so right now, they aren't really seeing a significant drop in revenue, because the economy is so good. and also, the data is not yet current to 2018. so we really don't know how many have left. we just see anecdotally, new york real estate, connecticut, new jersey real estate is declining. florida has had a very strong quarter. so we know what's happening. >> well, while you're here, robert, stick with us. we'll double dip so sue just mentioned presidential candidate elizabeth warren unveiling a medicare for all bill that could prove very costly to billionaires so, what does this mean actually mean for that group? >> this one you can't escape unless you move overseas we'll see if they do that.

senator elizabeth warren proposing a medicare for all plan that would cost $52 trillion over ten years. and the 1%ers are going to pay for much of it she is doubling the top rate for her wealth tax used to be 3%. now it's 6%, which means jeff bezos would pay over $6.5 billion in wealth taxes this year she's also planning to raise the top capital gains tax to be the same as ordinary income, that would go from 28.8% to 37% and hidden in this plan is a plan to tax unrealized capital gains. so if you own a stock and it goes up, you pay the tax on that increase in value, have beeven don't sell a single share. so bill gaetz woutes would pay h tax of over $6 billion, that's nothing, and another $6.5 billion in unrealized gain even if he didn't sell a share. total tax for bill gaetz thtes s year under $12 billion >> that's pretty wild.

unrealized gains a tax on that. have any of these billionaires spoken out yet >> this just came out today. i suspect by monday, we'll have a whole series of stories about people coming out over the weekend and talking about it this is something that's not just an assault on the rich, but it's really hard, because one year, you could have a gain. the next year, that same stock could go down. >> no one's going to have sympathy for millionaires and billionaires, i get it but you do wonder, we just talked about connecticut real estate, the millions of people who make their living in the private health insurance industry for example, cigna those people aren't rich they get up and go to work every day. they're talking about ending an industry if you're one of the million plus people who work in private health insurance, it's kind of a weird day. >> right and what you -- >> talking about ending your industry >> that's right. and what she's trying to do, the big question, including from fellow democrats is, how are you going to pay for this. she answered this today and the big question is --

>> there's a lot of assumptions in there, too. immigration reform is part of -- i read the 62-page >> they want to cut doctor's pay, basically doctor, you make "x," now make x minus. >> it is the plan. it is a whole weekend, we can do some reading and analyze -- >> it took two hours to get here from new jersey. maybe they can throw some of that money at new jersey >> thank you, robert >> well, the strong october jobs report helping power the s&p and nasdaq to new highs. up next, the ceo of zip recruiter shows us where he sees the biggest opportunities in the job market i can't believe it.

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where we're live today in washington, d.c., are actively recruiting both developers to create security programs as well as analysts. but in this tight labor market, it's hard to find candidates some of them are even ghosting >> we are finding that folks will quite genuinely not show up and never return your call again. and we've actually found some folks who we've hired who just didn't show up and we never heard from them again. so i do believe there are some unique challenges that we'd never seen before. >> another challenge right here in d.c., amazon is coming to town so that's going to mean the fight for talent is going to become even tougher in the future, guys back over to you >> you know, kate, listen. i know it's been a long day for you. you were on worldwide exchange this morning, i believe, so thank you for that, but i want to ask you one final question. what is being done this is a hard skill this is not like oh, i'll do a two-week course and prevent cyber hacking and stuff like

this what exactly is being done on this >> in terms of training, what's interesting about this particular career we spoke to and analysts here who's working towards her bachelor's degree, but does have different security certifications, so you don't necessarily need a traditional four-year degree to get your start in this industry the salaries can definitely range, but you can make in the six figures and above if you do have more experience and more certification. so that's definitely one area that i think they're spreading the word on. i know this company in particular is also actively trying to recruit more women into the industry, because they are just few and far between >> i can imagine, kate, that is hard a good point you made about amazon coming to the area. if you're a smaller company, less of a household name, it may be harder to attract a talent in the area of cybersecurity because of the competition for all of them. >> yeah, definitely, court and they are getting creative here they have stipends for continuing investigation, certification, they have internal training programs that will help you develop your career they also added some lifestyle benefits there's a version of profit

sharing that goes on so if tdi has a good year, the employees here also have a good year they're definitely thinking bigger and differently about how they can try to find the right people to feel those roles in this continuing tight labor market that we're seeing, especially with amazon coming to town >> kate rogers, kate, thank you, you have a great weekend we'll see you soon >> you too >> for more now on jobs and how innovation is affecting the workplace, let's bring in ian siegel, cofounder and ceo of ziprecruiter.com, an online marketplace that connects millions of job seekers with millions of employers. and we need it because there are over 7 million open jobs right now in america before we dive into that, follow up on what you just heard kate rogers talking about how in demand are these kinds of skilled technology workers right now? >> well, technology has been one of the hottest categories in the job market for over four years now. and you're looking at 3.6% unemployment it's definitely a job seeker's market these technologyists are buried in opportunity right now

so it is difficult to recruit for technologyists >> we hear a lot about artificial intelligence, ian, and there's a lot of fear associated with that for either those that are currently in the workforce or have skills that they're afraid will be taken over by an artificial intelligence type of skill that's obviously not human driven, necessarily. if you -- after you sort of build the program and let it do its thing. why do you think that we should be worried about artificial intelligence >> well, we just did a deep dive study on this. we looked at over 50 million job postings that went up over the last 12 months in the united states and what we have determined is that so far, ai is creating more jobs than it destroys. and it seems like the prevailing method of deploying ai so far has been in concert with humans, to enhance the way they do their job, as opposed to replacing them and that trend doesn't appear to be stopping at any time in the near future. >> but i assume also, then, there's probably a lot of job

seeking or companies looking for job skills that can build these ai platforms, can help build all of these sort of add-ones to help the positions that are currently using them >> yeah. i mean, a very tiny part of the job market is being impacted by a company searching for those who can develop ai solutions it is the ai solutions themselves that are either threatening to heavily disrupt the job markets, so you think of something like autonomous cars, which would theoretically put under threat 4 million driver jobs in america. it is the technologies themselves, though, that as they are being deployed, are actually creating jobs right now. and yes, there is a battle to find the talent that cancreate them, but also battle to find the people who can use these softwares as they are deployed >> ian, what's the one thing, you know, from your perspective, from your perch that the united states can do to make sure that your marketplace at ziprecruiter.com is vibrant and

effective? what can we do better to match up job seekers and those who need workers >> if i had to pick one thing right now, i think there is, currently, a burden on small and medium-sized businesses that is not felt by larger companies in america. so that hiring is actually tougher for them in many cases than it is for the largest enterprises in america so i think we've got to take a really hard look at how we tax some of these businesses, particularly as it relates to the costs associates with highering. and i think there would be real benefit to the hiring market or the labor market in the united states if we were to take a hard look at some of those laws >> ian siegel, we're going to leave it there on this jobs friday thank you for joining us here on the "closing bell. well, coming up next, the 5g arms race is heating up. china's big three carriers upping the ante and the mobile battle the latest, straight ahead ♪

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♪ ♪ ♪ ♪ ♪ ♪ ♪ you know, we should always give love the upper hand, courtney don't you think so can we just get along, drink a beer, buy a boat call your mom? meantime, china's big three state-owned carriers making a 5g mobile services available to most of their customers. and analysts think this could put china way ahead of the u.s. in the mobile space. josh lipton has more on this

story. josh >> brian, big 5g news coming out of china it's three big state-owned wireless carriers. so that's china mobile, china telecom, china unicom, now making 5g mobile phone services available to their customers so that should mean if early adopters in china have 5g enabled handsets, they'll be able to use that have service and that should mean faster access to everything from videos to games investors focused on 5g, as well and some names that capitalize on threatened would include qualcomm, certainly. xilinx, marvell, and analog devices. analysts say there will be 120 million 5g subscribers in china by the end of 2020 back to you. >> josh, thank you very much got to leave it there. still ahead, google, are they going to take on apple? google acquiring fitbit earlier today, but what does that mean for the wearable fitness tracking space, generally? and don't miss wilfred's

exclusive interview with jpmorgan ceo jamie dimon tuesday at 10:30 a.m. and three o'clo3: eastern right here on the "closing bell. stick with us. we've got more "closing bell" today. we'll be right back.

fit bit up more than 15

peppers tafr today after announcing it's being ainquired by google for just over $2 billion. but house and i trust committee subchair saying the kwigs deserves immediate and throe investigation. saying the kwigs of fit bit would give the company insight into location and health data threatening to further entrench the market power online. joining us now is christina farr our health and technology reporter thank you for being with us today. what do you make of the acquisition do you think this long-term changes fit bit's direction. does it go health and wellness, medical? what does it do under a google parent >> yeah, these are all great questions. and i've been thinking about this all day so fit bit in the past year as it's been a public company and struggling has really been trying to position itself in the medical space. it's looking at all sorts of different areas to compete with

the apple watch, whether that's detecting conditions like sleep apnea and common arhythmia, problems with the heart. whether or not fit bit continues to do that seems unlikely to me give nan google doesn't have that focus on the medical space appear and this will mean all kinds of regulatory issues google may not want to face. i think that will be put to the side instead i could see tobagole focusing more with fit bit and building out the wellness and fit in theness type of experience and pushing more if the fit bits into the mechanic this is great brand already. a lot of people know about fit bit. they've sold more than 100 million devices. i think with google supporting them we could see fit bit really just going after apple in a big way. >> and we know of course that this has been a big deal for apple. tim cook is pretty passionate about what the apple watch can do for health and which will wellness and some sort of medical alerts or monitoring i mean, dunl that this does mean that fit bit could be a better

competitor to google as its on as an independent company. >> certainly could be a competitor on the fitness and wellness side. and fit bit has done a great job in building the relationships with the health plans. it was already working with giants like united health on trying to get more fit bit devices out to members to potentially live more healthy lives. so i think fit bit will definitely focus on that and try to make market share away from apple, which also has been pitching insurance companies on the medical side, i could see apple really taking that step ahead, because they've been so focused on the r & d for so long apple has been looking at areas like tin continue occupies glukz monitoring blood pressure monitoring if any of those things happen -- and those are the holy grails for medical monitoring that's a real breakthrough for apple on the medical side. that's how i see it going is apple more in medical and fit

bit more in the health and wellness now that google officially owns it >> is it too little too late on a macrolevel, christina? >> yeah, a lot of folks wonder that, especially given that google doesn't have the amazing track record is hardware acquisitions so who knows whether or not they will be very successful now that they own fit bit it's actually the second they've made in the wearable space they also bought a smart watch team from fossil group, the misfit team. i'm not sure whether it is enough at this point to beat apple which has had such a business head start and the budget apple has put into the apple watch over the past five or six years is immense. i think that's a fair concern that maybes in too little and too late for google to catch up. >> christina farr out in san francisco. great stuff. christina. and you can read more of christina's reporting on this. go to cnbc.com on the home page

on the upper right a big story, interesting stuff go check it out. all right, up next the key things that all of you out there -- all of you investors need to watch heading to the new trading week we bring you that when the "closing bell" returns right after this short break s in the . this changes everything. you're right sir... everything. no not everything, i mean you're still blatantly sucking up to me gary. brilliantly observed, sir. always three steps ahead. six steps ahead. sixteen. so many steps. you done? a million steps ahead. servicenow. works for you.

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all right. so it's another big week next week looking ahead to next week you have uber and disney both gearing up to report results let's start with the preview of uber which by the way, josh lipton, posted the biggest single quarterly loss by any company i think in the last ten years of the history of the world. i would imagine this quarter must get a bill better >> so we'll see, brian on monday what goes on heading into the earnings print that stock down some 30% from the ipo. big issues front and center high pressure litt, remember has now offered profitability targets. we're getting more insight from uber on that issue as well and analyst also note that the ipo lockup spireses on november 6th in which an estimated 20 billion mover of stock hits the market meaning avalanche of

selling. >> back to you. >> you know it's a big talk are, josh np. thank you very much. disney reporting results thursday julia boorstin has a look at that julia. >> the big question is how much disney's investment in the new streaming business will weigh on its bottom line. disney's revenue is projected to grow 34% while earnings per share are projected by analyst to drop nearly 36% imperial capital projects more than 9 the 0 oh million in losses as direct to consumer and international division now, analyst are bullish into earning was 19 analyst with buys on the stock six hold ratings and no sell ratings. the stock is down though about 4% since its earnings in august. back to you. >> thank you very much, julia. brian we put in some records s&p, nasdaq got close on the dow not quite there. >> what's the number 12 or 13 points. >> points. >> points on the dow from a record we'll be back on monday maybe we could do it. >> maybe we can do it you never know we'll see we had a nice week for

the major averages ending higher >> good luck to everybody running the new york city marathon this zbleek that's right on zbloonds good stuff i got a buddy college. bill creek from morgan stanley. >> good luck to you. >> good luck to you. >> that does it for the "closing bell." >> thanks for joining us here today. we'll land it over to "fast money. it begins right now. live from the nasdaq market site over looking new york city's times square. this is "fast money. i'm melissa lee. traders are tim seymour. dan nathan guy adami tonight on fast stocks rocking all-time highs if you missed the record rally the chart master has two names that could be the ultimate catch-up trades. plus restaurant stocks left in the cold what's causing the indigesten for the secretary are. later on setting up a busy week of earning, the key names to wap. we begin tonight by making a list, checking it twice. why you ask? well because we are just 53 days away from christmas. 53 days 6 hours 59 minutes 20

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